Sets forth the functions of the Corporation, including: (1) operating and improving the assets of the United States and Canada on the Saint Lawrence Seaway; (2) facilitating safe navigation on the Seaway; and (3) promoting domestic and international trade involving the Great Lakes States and Great Lakes Provinces.
Repeals the Saint Lawrence Seaway Act (effectively eliminating the Saint Lawrence Seaway Development Corporation).
Sets forth the functions of the Great Lakes Development Bank, including: (1) providing loans and other assistance to the Seaway and public and private entities involved in maritime commerce in the Great Lakes and Seaway regions; and (2) facilitating maritime commerce-related investment there.